Get a mortgage preapproval
A mortgage preapproval proves you're a serious buyer. Get preapproved for your mortgage before you start shopping for a home.
Are you a veteran?
The best lenders for your preapproval
- Offers flexible down payments from 10% to 50% with no PMI, even on jumbo loans
- All-digital lending platform with online application and loan tracking
- Offers live chat and customer support with extended hours
- Read our SoFi Mortgage review
- Offers loan products starting with as little as 5% down
- Offers a single online platform for the entire mortgage loan process
- Will beat a competitor's offer by at least $1,000 or give customers $1,000
- Read our Better Mortgage review
- Offers an online mortgage platform with 24/7 access to your loan progress
- Automated suggestion engine will determine if there are things you can do to lower your rate
- Offers customer support through phone, email, and live chat
- Read our Lenda Mortgage review
What is a mortgage preapproval and why does it matter?
A mortgage preapproval is a letter from a lender indicating how much of a loan you can qualify for, issued after the lender has evaluated your financial history. With a preapproval letter, you can find a home you can afford by shopping within your means - while showing you’re a serious buyer.
A mortgage preapproval letter can put you head and shoulders above other buyers who may be interested in the same home as you. Getting preapproved will help you find a mortgage lender who can work with you to find a home loan with an interest rate and other terms suited to your needs.Learn more about getting preapproved and why it’s important.
Why should I shop multiple lenders?
In a 2015 report, the Consumer Financial Protection Bureau found that 77% of consumers apply to only one lender when seeking a mortgage. By shopping just three different lenders, borrowers could save more than $3,500 in just the first five years, according to the CFPB’s research, and, in one example, enjoy payments that are nearly $60 less per month. By applying to several lenders rather than just one, you can compare all-in costs and get the best deal.